MUFG to Dominate Consumer Credit After Acquisition of Home Credit
Japan's largest bank Mitsubishi UFJ Financial Group (MUFG), has officially acquired the Home Credit Group BV business unit in the Philippines and Indonesia for 615 million euros. This acquisition was carried out to expand MUFG's business expansion in Asia and take advantage of consumption growth in emerging markets in both countries.
In its official company statement, MUFG acquired PT Home Credit Indonesia through its two subsidiaries, PT Adira Dinamika Multi Finance Tbk (Adira Finance) and Bank of Ayudhya Public Company Limited (Krungsri). "Home Credit Indonesia's shares are scheduled to be acquired in 2023, with an estimated total of EUR 200 million or around Rp 3.1 trillion [Rp 15,465 per euro]," Adira Finance management wrote on Thursday.
In Indonesia, this acquisition transaction is subject to approval from the Financial Services Authority (OJK), the Indonesia Stock Exchange (IDX), the Business Competition Supervisory Commission (KPPU), and/or other relevant regulatory bodies. The acquisition process is expected to be completed in the second half of 2023.